Financial Regulators Propose Diversity Standards
In a move intended to encourage transparency and awareness of diversity policies and practices in financial institutions, the Federal Reserve and five other federal financial regulatory agencies are proposing joint standards for assessing those policies and practices.
The standards cover four main areas:
In addition to the Fed, the agencies are the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller of the Currency, and the Securities and Exchange Commission.
Each of the agencies includes an Office of Minority and Women Inclusion, or OMWI. The Dodd-Frank Wall Street Reform and Consumer Protection Act requires the OMWIs to formulate standards for assessing diversity policies and practices in the regulated entities.
Variety of viewpoints considered
Once published in the Federal Register, the proposed policy statement will be available for public comment for 60 days.
October 29, 2013